Escorts profits up in 2007-08

New Delhi: Engineering major Escorts notched profits of 118.7 million (11.87 crore) in 2007-08 on account of a higher domestic market share and greater cost and operational efficiencies, the company said Monday.

Net profits rose in the financial year ending Sep 30, compared to a loss of 64.4 million (6.44 crore) the previous fiscal.

"We have proven that the efforts to strengthen the fundamentals of the company, build value for customers and drive operational efficiencies have put the company on a profitable track," said Escorts chairman and managing director Rajan Nanda in a statement.

The company recorded a higher Earnings Before Interest, Depreciation, Tax and Amortisation (EBIDTA) of 1.52 billion (152.48 crore), as against an EBITDA of 1.09 billion (109.50 crore) the previous fiscal.

Cash profit more than doubled to 965.5 million (96.55 crore), from 405.5 million (40.55 crore) in 2006-07.

Profit before tax and exceptional items stood at 455.4 million (45.54 crore), compared to a loss of 107.5 million (10.75 crore) the year before.
Source: IANS